Global diabetic footwear market deals in a therapeutic footwear which is specifically developed for diabetic patients. Diabetic shoes are made up of special features and materials combined to provide extra protection to the diabetic people. Diabetes shoes have evolved into a medical revolution because they are helpful in preventing foot from any injury or wound with the help of its unique and therapeutic properties. These footwear are designed to minimize the risk of skin problems in diabetic patients such as blisters, sores, and skin breaks. This footwear also prevents complications such as strain, ulcers, and amputations among diabetic patients.
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According to the World Health Organization (WHO), in 1980, the number of people with diabetes was 108 million which has reached to approximately 422 million in 2016. The growing number of diabetic patients are new opportunity for the diabetic footwear. Moreover, product innovation and awareness about prevalence of diabetes drive global diabetic footwear market. According to the latest estimates of the International Diabetes Association (IDF), there were 415 million diabetic people in the world, and by 2040 the number would reach 642 million. Rising diabetic population is the primary driver of the global diabetes footwear market.
Asia Pacific to generate lucrative growth opportunity in global market
Asia Pacific is offering the lucrative growth opportunity for the global diabetic footwear market and is expected to witness the highest growth rate for the duration of 2019-2026. Factors for the growth of this market are huge population in countries such as China and India. China being the most lucrative region, followed by India. Also, rising geriatric population and rising per capita income and disposable income are the major factors that is boosting the demand of diabetic footwear in the Asia Pacific region. At present, the market is expanding steadily due to increasing disposable income. Globally the disposable income is increasing especially at a fast rate in developing countries such as India, China, Brazil etc. This results in significant opportunities for companies present in developing countries; thereby affecting their market growth.
According to the Ministry of Statistics and Program Implementation, the disposable income of India reached up to $ 2396199.306 million in 2016 which was $203999.415 million in 2015. Apart from this, the increase in the diabetic population is also contributing to the market growth. Furthermore, significant research and development for betterment of these products is another factor that is fueling the market in positive direction. In addition, emphasizing on the quality of production for the creation of innovative therapeutic shoes is also expected to boost the market growth during the forecast period.
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Some of the leading market players within global diabetic footwear market are:
- Aetrex Worldwide (U.S.),
- Dr. Zen Products, Inc. (U.S.),
- OrthoFeet (U.S.),
- Podartis (Italy),
- Dr. Comfort (U.S.)
All such companies adopts various strategies such as partnership, collaboration, Merger & acquisition, joint venture and product launch are some of the strategies that were adopted by companies within global market. For instance: In April 2017, Aetrex Worldwide (U.S.) acquired the 3D printing footwear start up SOLS, with the aim to focus more on comfort and wellness footwear and technology.